5 Reasons Why Every Company Should Invest in Corporate Hospitality
Corporate hospitality is one of the most powerful tools a business can use to gain a competitive advantage. While it can be a considerable investment, there are also a wide range of options available for entertaining clients, each with its own price tag. This means that companies of every size can benefit from client hospitality, and an unrivalled corporate hospitality experience can be the difference between winning and losing clients, and forging new and lucrative partnerships. Here are five reasons why.
1. Put the personal back into your business relationships
No matter how brilliant your ad campaign or your online client interaction, any successful business person will tell you that nothing can replace face-to-face contact when it comes to creating strong business relationships. This applies even more so when that time is spent in a relaxed and informal setting. The old adage ‘You only work with people you like’ is as true today as it was years ago. Entertaining current or prospective clients can be ten-fold more effective in the long run for generating business deals and opportunities than any presentation or in-office meeting.
2. Set your business apart
Your competitors might make a great pitch, but investing in corporate hospitality shows your clients that you’re prepared to go the extra mile when it comes to sealing your relationships and nurturing them to a higher level. A hospitality event at the Wimbledon Finals or the Summer Games Tokyo is an experience your clients will remember for years to come, just like your brand and the connections you forge during those experiences. There’s also the law of reciprocity: the more you give to your clients, the more they will want to give in return.
3. New ideas
While many great ideas are born in the boardroom, often the best come about during informal interactions when we are communicating freely and can think outside the box. Hosting a corporate event or luxury retreat requires time and money, but the dividends yielded by a top-of-the-line experience far outweigh the investment often because of the inspired ideas they produce: ideas that have the passion and momentum behind them needed to bring them to fruition.
4. Your brand’s best endorsement
Most of our clients invest in corporate hospitality because it is a highly effective way of strengthening key relationships and thanking loyal clients. But these events can also be a platform for both new and established clients to interact. A corporate hospitality event can be an opportunity to showcase to potential clients the positive relationships you’ve already established with existing clients and, more importantly, for those clients to independently share their positive impressions and experiences on your behalf. These kind of endorsements are invaluable when it comes to clinching any deal.
5. Networking Opportunities
It’s not what you know, it’s who you know that still drives the vast majority of business transactions. Meeting your clients at a luxury oasis outside of the office is a great way to not only enjoy an ice-cold beverage in a relaxed environment but to pass around your business card. Many corporate hospitality events are held at venues full of other VIPs and thus present abundant opportunities to create new alliances with other brands.
WMG is the first choice for companies seeking VIP corporate hospitality on a global scale. Our clients, many of them the world’s largest corporations, depend on us to deliver world-class hospitality at the best sports and cultural events not only in the UK, but in every corner of the globe. At WMG, we have the partnerships and experience to create and deliver hospitality packages that guarantee your guests an unforgettable experience, amplifying your brand in even the most competitive marketplace.